Wall Street advances, led by the banking sector.

Bank stocks rose on the back of positive quarterly reports, while losses were driven by tech companies.

The three main Wall Street indices closed Wednesday’s session with gains. Despite declines in mega-cap companies, the market held firm thanks to strong performances in the banking sector.

The Dow Jones Industrial Average, which tracks 30 major companies, climbed 0.79% to 43,077.70 points. The S&P 500, comprising 500 stocks, rose 0.47% to 5,842.47, and the tech-heavy Nasdaq Composite edged up 0.28% to 18,367.08.

Bank stocks surged following upbeat earnings reports, particularly Morgan Stanley, whose shares jumped 6.49%. Regional banks such as US Bancorp and First Horizon Bank also contributed to the positive momentum.

On the other hand, mega-cap companies like Apple, Microsoft, and Amazon posted moderate losses, led by Meta Platforms (-1.65%). The parent company of Facebook faces legal challenges from 34 U.S. states.

Breaking from the general trend, Tesla shares rose 0.80% after approval for a major renovation of its German gigafactory, which will double production capacity. Nvidia also rebounded 3.13% after a 4.69% decline the previous day.

Investors remain focused on upcoming earnings reports. Notably, Netflix will release its quarterly results tomorrow. Its stock dipped 0.56% as the market awaits updates on whether its crackdown on password sharing continues to boost performance.

Additionally, it was reported this week that Amazon, founded by Jeff Bezos, invested 28 billion pesos in Mexico over the past 12 months. Since entering the Mexican market nine years ago, the company has invested a total of 110 billion pesos.